Property and money are the most common bequests
A new report has revealed that property and money are the assets that Brits most want to pass down to their children, at 59% and 58% respectively. More than 40% of people would like to leave their children their engagement and wedding rings, making them the third most common item to bequeath.
Although just 3% of Brits say that they are not planning to leave anything to their family, a quarter of people (25%) say they do not expect to receive any financial inheritance at all. In fact, the research by protection and retirement specialist LV= shows that less than half (42%) are banking on receiving an inheritance to help bolster their finances.
Across the UK, Brits in the North East are the most likely to rely on a form of inheritance (55%) to boost their finances, whereas those in Northern Ireland are the least likely to rely on an inheritance (34%).
Of those Brits who expect to receive an inheritance, the most common planned uses are retirement funding (6%) and as a boost to a savings pot (6%); with a further 5% saying they will use any inheritance to pay off their existing debts and loans.